ASIC should be given a chance to recover reputation: Former ACCC chairman

07/02/2019|8min

Graeme Samuel, the former head of the Australian Competition and Consumer Commission, says the Australian Securities and Investments Commission (ASIC) should have the chance to recover its reputation in the wake of the banking royal commission.
Financial regulators APRA and ASIC will be subject to reviews by an independent inquiry in three years’ time after Commissioner Kenneth Hayne delivered a scathing assessment of their conduct in his inquiry.
Commissioner Hayne accused the regulators of fostering an ‘ineffective enforcement culture’, which inhibited its ability to do its job.
Mr Samuel says ASIC's new chair James Shipton should be given enough time to change the culture within the organisation.
He told Sky News Mr Shipton understands that regulators need to be ‘respected but not necessarily liked.’